‘We expect a huge hit’: UK companies struggle as fuel costs soar

Transport firms urge government to act as rising petrol and diesel prices threaten profitability

UK businesses reliant on fuel are braced for plummeting profits, as prices at the pump hit yet another record this week, with the cost of petrol topping 1.60 a litre for the first time.

Unleaded petrol hit 1.61 a litre on Thursday, having risen by 8p in a week, while diesel reached 1.70 a litre, as wholesale prices for oil remained close to all-time highs after western countries announced bans on Russian energy exports.